As the world still struggles with the pandemic, it is imperative to consider what the post-COVID world is going to look like for small businesses everywhere. The pandemic has accelerated the speed at which we are “going digital” and has given life to many online industries. The pandemic has made us dependent on technologies such as Zoom, Uber Eats, and Amazon, like never before. This means that as business owners, we need to make decisions that use this new reliance on technology to our advantage.
We need to ask ourselves – What practices should we adopt permanently? What is it that our clients want? It’s high time to start the wheels turning and get the blueprint ready for what will shape business after the pandemic.
Your Best Customers
Your best customers are your existing customers. So focus on your existing customers… They are the low hanging fruit, and are far easier to sell to than new clients. Establishing positive network effects with your existing customers should be your primary goal. This means that your customers should become fans of your business, not just purchasers of your products and services.
While creating ad campaigns to target their new needs, you may also want to issue refunds to clients who had prepaid memberships or were on auto-pay during the lockdown period. Many car insurance companies’ sent a cheque to all their customers in the form of a discount, as car usage during the past year was minimal. This is a poor example as these are large organizations, however the principle still applies. While action such as this could hurt your cash-flow for the short term, the money that is given back will come back tenfold when the economy restabilizes and the loyal customers are ready to start buying again. So take this opportunity and focus on building a strong network and business reputation. Ask yourself, what action can my business take to build goodwill and take advantage of the impact covid had on our industry. Don’t think of immediate revenue – marketing is all about selling in the long term. Build your brand image and the cash flow will follow.
Move Everything Online
With the lockdowns and travel restrictions of the pandemic, it’s no surprise that everything is shifting online. Now is the time to increase your online presence. You likely already have some of your business functions online. However, the pandemic has expedited the inevitable and shown us just how much more we can do online. Establishing those capabilities will help to set your operation apart from your competitors and demonstrate to your customers that you are ready to adapt. The more systems you can bring online, the more you will remain engaged with your customers and staff, which is vital for a business to thrive during these ‘new’ times.
Rethink Social Media Marketing
Many businesses that focus on the short-term are backing out from their marketing spending. This is great news for small business owners because the online ads arena functions as a live auction. Thus, if there’s less competition, winning is less expensive. This has resulted in the lowest advertising costs we’ve seen in a long time. It’s not just the ads being less expensive. It’s also much less expensive to convert potential suspects into prospects and customers. Thus, the ROI on PPC ads in most industries have skyrocketed. This is excellent value to business and a great way to remind the public that your business is moving forward and that you aim to be a very integral part of the ‘new normal’.
Run Exclusive Deals and Offers
Execute digital strategies that make the most of COVID-19. These kinds of offers will help bring in new customers while also getting old ones interested in coming back. This idea can work for many industries such as theatres, spas, gyms, etc. However, we find it works particularly better for industries that have been hit hardest by the pandemic; such as restaurants and travel..
As businesses begin to reopen, a good way to get people interested in coming in is by offering exclusive sales promotions or deals. You can announce or even advertise these offers on social media platforms as well as promotional emails.
Take Action
There’s a time to hustle, a time to reflect, even a time to take a break. Now is the time to execute. Be prepared to take massive action and move your business forward. Entrepreneurs can take the negativity of the past year and propel it into a positive outcome. This is done by seeing the underlying opportunities that are available.
CodeTactic Media helps businesses grow online. Feel free to chat with us and we can try to assist you with getting your business processes and systems online.
